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The world needs new entrepreneurs. Entrepreneurs create jobs,
lift the standard of living, usher new technology into society,
and keep competition alive in the marketplace. Starting a
business is difficult, and it’s crucial that the next generation
has as much ammunition as possible. We are all relying on you to
carry on the proud tradition of innovation.

As the CEO of a successful startup myself, with decades of
experience launching prosperous companies, I know what it takes
to make it. If I could go back and give my 20-something self a
bit of advice about starting out as an entrepreneur, these are
the seven tips I’d start with:

1. Passion. You will fail. That is part of the
game. Your failures are most likely to lead to success if you get
involved with something you believe in. Starting a business just
for its own sake will leave you directionless, burned out and
ultimately, back where you started. Choose an interest that you
can be passionate about. Marrying charity to traditional business
models may be a great way to combine the things you – and
potential consumers – care most about.

2. Define your market. You’ve heard this
before. It’s one of the most common mistakes that
entrepreneurs make. Go with something that makes sense for your
scope. If you’re a small startup and still a student, staying
local or targeting fellow students might be the best direction.
The Internet gives us almost infinite reach, but it’s vital to
narrow your market down to what is realistic, and stick with
those who have a reason to be interested.

3. Price point. Risk taking is important in any
new business venture, provided that it is sensible. Consider
providing your product or service at the most basic level
possible (also called minimum viable product). A small investment
up front can hook new customers/donations before risking more
money. Your target defines the ideal price. Survey your defined
market and adjust accordingly. You can always reevaluate your
prices as you grow.

4. Be honest. This advice applies to yourself,
your employees and your customers. Be honest about what you
can commit to your business. It doesn’t do any good to
over-extend yourself when in truth; you don’t have the cash or
the hours to commit to a project. Be honest about what your
partners can expect from, and what you expect in return. And be
honest with clients. At PilmerPR, our #1 rule is “First be good,
then talk about it.”

5. Utilize, but don’t over-use, social media.
Young people are always eager to jump online, and that’s not a
bad thing. But it is important to think carefully before
plastering marketing materials on the Internet. Social media is
obviously a powerful tool. Focusing it on your business can get
word out quickly and cheaply. That said, be careful not to put
all of your eggs in the online basket. Experiment and measure
results, then constantly evaluate and decide what is working, and
what you are wasting resources on.

6. Don’t forget PR. Traditional and online press
relations can yield coverage that has longer shelf life and costs
less than advertising. Think about what makes your product new,
interesting, and relevant. Then, talk to the media about it. You
might get great reviews, mentions on blogs, or even appear on
news segments. Many media outlets have sections dedicated to
people in the community doing outstanding things. Even an article
in your campus newspaper can be a valuable source of publicity.

7. Look for mentors. The beginning of any
venture can be exhilarating, frustrating, liberating and
terrifying all at once. Remember, although younger generations
can be more tech-savvy than those who have been in business for
years, there are still basic principles that are refined by
experience. Many communities offer networking opportunities for
entrepreneurs young and old. Take advantage of this, and you may
be surprised at the wealth of knowledge your colleagues have to
offer.

These tips won’t earn you certain success, but every bit of
knowledge you can gather before you begin your entrepreneurial
career can help you avoid serious mistakes.